Help to Buy ISA guide

Options
1…146147149151152…235

Comments

  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    MeasureTwice wrote: »
    One of my grandparents has just died and I'm due to inherit a percentage of the estate - her estate includes her flat which the Executor intends to sell. Would this stop me being eligible for a Help to Buy ISA either now or after all the paperwork has been done? Should I be rushing to start one or would I have to abandon it anyway once the inheritance comes through? Thanks for any help you can give!

    Provided the property is sold within the estate and you only recieve the cash proceeds you have never owned property and would be an eligible first time buyers under the HTB ISA or LISA rules.

    LISAs enable you to save more each tax year for a bigger bonus but cannot be used to buy a property (without penalty) until they have been opened 12 months. The interest rate is poor but the bonus is so much bigger.

    https://www.skipton.co.uk/savings/isas/lifetime-isa

    Alex
  • Cwilliamsroberts
    Cwilliamsroberts Posts: 1 Newbie
    Options
    Confused with boundaries.
    Where does London end with regards to a Help to Buy loan?
    Some sites have all areas within the M25, some quote differently.
    Bexley is a London Borough but address is Kent, Dartford is within the M25 but not a London Borough for example.
    Please help!
  • Bradleycf1
    Bradleycf1 Posts: 2 Newbie
    Options
    Is there any lifetime ISA accounts in Northern Ireland?
  • Plus
    Plus Posts: 433 Forumite
    First Anniversary First Post Combo Breaker
    Options
    Cwilliamsroberts wrote: »
    Confused with boundaries.
    Where does London end with regards to a Help to Buy loan?
    Some sites have all areas within the M25, some quote differently.
    Bexley is a London Borough but address is Kent, Dartford is within the M25 but not a London Borough for example.
    Please help!

    For a mortgage used with a Help to Buy ISA, see the guidance notes:
    “London” means any land, which is determined by the Administrator, by reference to
    the postcode associated with that land, to be located within one of the London boroughs
    listed in Schedule 9 (London Boroughs).

    Schedule 9
    London Boroughs
    (1) The City of London
    (2) Camden
    (3) Greenwich
    (4) Hackney
    (5) Hammersmith and Fulham
    (6) Islington
    (7) Kensington and Chelsea
    (8) Lambeth
    (9) Lewisham
    (10) Southwark
    (11) Tower Hamlets
    (12) Wandsworth
    (13) the City of Westminster
    (14) Barking and Dagenham
    (15) Barnet
    (16) Bexley
    (17) Brent
    (18) Bromley
    (19) Croydon
    (20) Ealing
    (21) Enfield
    (22) Haringey
    (23) Harrow
    (24) Havering
    (25) Hillingdon
    (26) Hounslow
    (27) Kingston upon Thames
    (28) Merton
    (29) Newham
    (30) Redbridge
    (31) Richmond upon Thames
    (32) Sutton
    (33) Waltham Forest

    A Help to Buy loan is something different.
  • Alexland
    Alexland Posts: 9,653 Forumite
    First Anniversary Photogenic Name Dropper First Post
    Options
    Bradleycf1 wrote: »
    Is there any lifetime ISA accounts in Northern Ireland?

    I answered this question for you yesterday when you asked it in the Lifetime ISA thread:

    http://forums.moneysavingexpert.com/showthread.php?p=73805023
  • Stephy_0509
    Stephy_0509 Posts: 1 Newbie
    Options
    Not sure if this has been asked.
    My partner and I opened a H2B isa each. My partner subsequently bought a house (his/ our 1st house), used his H2B bonus and due to me being a student nurse I was unable to get a mortagage so he bought the house on his own. I'm not on the mortgage or the deeds. And i dont pay the mortgage only the utility bills etc.
    I am due to qualify in the summer ie have a ful!!!314; time job, around which time he will remortage the house and i will "buy into" the house, and put my deposit into the house and have a joint mortgage.
    My question is, will my bonus be able to be used to buy into a house with an existing mortgage, ie when my partner re-mortgages. Part of the reason i was never on the deeds ect was so i could still use the bonus.
  • eskbanker
    eskbanker Posts: 31,066 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    Simply remortgaging wouldn't be enough, it would need to be a properly conveyanced sale and purchase transaction that gets you onto the deeds, so you'd need to weigh up whether HTB bonus would be enough to offset the fees involved in doing so....
  • madeinireland_2
    madeinireland_2 Posts: 381 Forumite
    Options
    My daughter has an Help to buy ISA and is considering transferring to a LISA. At the same time she is planning a working holiday in Australia for a couple of years. She would then hope to come back and buy a house with her savings.

    What happens if she falls in love with Australia and wants to buy a house there - can the LISA be used for that? And what would be the penalty if she then wanted to get access to her savings to use it for that purpose. Would she suffer the 6% penalty that I have heard mentioned? I presume she would also lose the bonus?

    Thanks...
  • margaretx9
    margaretx9 Posts: 212 Forumite
    First Anniversary First Post
    Options
    Plus wrote: »
    For a mortgage used with a Help to Buy ISA, see the guidance notes:



    A Help to Buy loan is something different.

    Find the postcode of the property - and you can find which council it is in using the link below. London for the HTB isa £450k limit is one of the 33 boroughs listed above - its essentially the GLA area covered by the Mayor of London.

    https://www.gov.uk/find-local-council

    Large parts of the GLA area have Essex (all of Havering, Barking and Dagenham and most of Redbridge), Surrey (e.g. most/all of Croydon, Richmond Kingston and Sutton), Kent (Bexley, Bromley etc), Herts (bits of Barnet) and Middlesex (much of Harrow, Brent, Enfield) postal addresses - but they are still London for administrative purposes.

    Why they don't just amend the HTB isa scheme and make it £450k nationally - and align it to the lifetime isa is beyond me as it just creates confusion. They could even increase it to £500k to align with the first time buyer stamp duty relief which is a £500k limit nationally.

    But why make things simple!
  • margaretx9
    margaretx9 Posts: 212 Forumite
    First Anniversary First Post
    edited 1 February 2018 at 7:35PM
    Options
    madeinireland wrote: »
    My daughter has an Help to buy ISA and is considering transferring to a LISA. At the same time she is planning a working holiday in Australia for a couple of years. She would then hope to come back and buy a house with her savings.

    What happens if she falls in love with Australia and wants to buy a house there - can the LISA be used for that? And what would be the penalty if she then wanted to get access to her savings to use it for that purpose. Would she suffer the 6% penalty that I have heard mentioned? I presume she would also lose the bonus?

    Thanks...

    She can only use the help to buy isa - and a lifetime isa - for a UK property - and she must take it out a mortgage as well to get the bonus on the former or draw down the latter before 60. She can of course keep either/both open while she is in Australia - but can't invest in them if she emigrates there until/if she returns to the UK.

    https://www.gov.uk/individual-savings-accounts/if-you-move-abroad-or-die

    If she moves to Australia and becomes a permanent resident (or in due course an Aussie citizen) she can of course take advantage of their first time buyer schemes. She couldn't buy a house/land there easily if she doesn't get permanent residency anyway as purchases by non permanent residents are heavily restricted - and she would need to be highly skilled or have a skill in high demand to qualify for that.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards